What is the Pension Savings Plan?

The City of Los Angeles Pension Savings Plan (PSP) is the City’s retirement savings plan for part-time, temporary, or seasonal employees. The Pension Savings Plan is administered by the City’s Personnel Department, which has contracted with MissionSquare Retirement to provide administrative and investment services.

If you are currently or were previously a part-time, temporary, or seasonal employee and believe you have a balance in the Pension Savings Plan, you can access your account here or by contacting MissionSquare at 1-800-669-7400. If you do not know your account information, please contact MissionSquare.

Transitioning to Full-Time—Many employees start out as part-time, temporary, or seasonal and subsequently become full-time employees. Once they do so, they no longer contribute to the PSP and become members of one of the City’s three defined benefit pension plans: the Los Angeles City Employees’ Retirement System (LACERS); the Los Angeles Fire and Police Pension System (LAFPP); or the Water and Power Employees’ Retirement System (WPERP).

How do I withdraw funds from my PSP account?

You are only able to withdraw funds from your PSP account when you separate from City service. Even if you are currently working in a full-time position with the City and no longer contributing to the PSP, you are unable to take any withdrawals from your PSP account unless you are at least age 59½.

Can I transfer my PSP account into the Deferred Compensation Plan (DCP)?

Yes, you can transfer, or "roll over" your PSP funds into the DCP once you establish your DCP account.

Why should I consider moving my PSP account to the DCP?

Moving your account into the DCP allows you to take advantage of more investment options, borrow from your account, and add new contributions to build future retirement assets. As a participant in the DCP, you benefit from “strength in numbers” by being part of a large group plan, allowing you access to institutional pricing that is not typically available to individuals or small retirement programs. Finally, your DCP account can also be used to buy back service credit with LACERS, LAFPP, or WPERP. Learn how to buy back service time by visiting Purchase Service Credit.

How do I rollover PSP funds into the DCP?

STEP 1: ENROLL IN THE DCP

If you are currently a member of one of the City's three retirement/pension plans and do not have a DCP account, the first step is to enroll in the DCP. Visit Join the DCP to learn how to enroll. Once enrolled, you can roll your PSP funds into your DCP account.

STEP 2: TRANSFER YOUR PSP ACCOUNT

For assistance in transferring your account, contact us.